Foreign trade is usually not based on cash transactions, but rather sales on credit are the rule. The resulting monitoring costs for lenders and the risk of default on accounts receivable are part of the costs associated with cross-border goods transactions. Relative to domestic trade credit, cross-border credit creates trade barriers due to differences in language, business practice, jurisdiction and payment enforceability between trading partners. Export credit insurance has long been a domain of public export credit agencies. Only since the early 1980s private insurance is gaining ground. Using disaggregated panel data for goods exports from Austria over the period 1996 to 2002, we show that public export credit guarantees have a less than proportional positive effect on international trade volume. They predominantly affect the country structure of foreign trade but leave the industry specialisation almost unchanged. Copyright 2006 The Authors Journal compilation 2006 Blackwell Publishing Ltd .
Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractThe integration of European services markets and the associated deregulation measures open up formerly segmented markets to competition from the Single Market. The purpose of this study is to propose a method of measuring the effects of liberalization on technical efficiency, the existence of economies of scale and diversification, and the dynamic development of productivity for the insurance industry. As an example we construct efficiency frontiers for the years 1992 through 1996 for the Austrian insurance industry using a Data Envelopment Analysis. The results provide yardsticks for efficiency comparisons from a consumer perspective and can be used to construct a Malmquist productivity index for the transition period.
Badinger H. and Url T. (2002) Determinants of regional unemployment: some evidence from Austria, Reg. Studies 36, 977-988. Using a spatial filtering technique we estimate an empirical model of regional unemployment for a sample of Austrian regions. The spatial filtering technique removes the spatial correlation from the data and allows us to assess the importance of purely spatial effects. We find significant relations between the regional unemployment rate and relative regional wages transaction costs as reflected by the share of public housing, job vacancies, the share of employees in the manufacturing sector and a social assistance variable. Spatial effects account for about one-fifth of the variation in the unemployment rate.Local labour market, Spatial filtering, Austria,
Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractThis paper provides an economic assessment of export credit guarantee commitments by the Austrian export credit agency, using firm-level data on a cross-section of 178 Austrian exporting firms for the year 2008. In a first step, we estimate the relative importance of various determinants of export guarantee usage. Results suggest that the most crucial determinants are: firm size, whether or not the firm is part of a multinational enterprise, exposure to revenue risk, and R&D intensity. In a second step, we investigate the effects of export guarantees on export performance. Identification is achieved by using as instruments the exogenous determinants of export guarantee usage identified in the first step. We find that there are economically and statistically significant effects of export credit guarantee usage on firmspecific export performance ranging from some 80 to 100 percent compared with the control group of non-users. Abstract: This paper provides an economic assessment of export credit guarantee commitments by the Austrian export credit agency, using firm-level data on a cross-section of 178 Austrian exporting firms for the year 2008. In a first step, we estimate the relative importance of various determinants of export guarantee usage. Results suggest that the most crucial determinants are: firm size, whether or not the firm is part of a multinational enterprise, exposure to revenue risk, and R&D intensity. In a second step, we investigate the effects of export guarantees on export performance. Identification is achieved by using as instruments the exogenous determinants of export guarantee usage identified in the first step. We find that there are economically and statistically significant effects of export credit guarantee usage on firm-specific export performance ranging from some 80 to 100 percent compared with the control group of non-users.
Purpose After several reforms of the common agricultural policy, domestic product prices and farm incomes have become more volatile in the EU. Risk-averse farmers are therefore seeking income stabilizing measures. Margin insurance is among the feasible options but is not yet established in the EU. The purpose of this paper is to explore such an insurance under EU conditions for a major crop. Design/methodology/approach The paper explores conditions for a viable margin insurance. It presents a modeled-loss trigger for a margin insurance scheme using wheat production in Austria as the case study. Findings While margin insurance products are widely used in the USA, such products are not available in the EU. Basis risk seems to be an important reason. An exploration of wheat production in Austria shows that heterogeneity among farms is relevant. The authors demonstrate an approach aiming to lower basis risks. Research limitations/implications This paper presents a technically feasible approach to handle the basis risk of a margin insurance under EU conditions. Before such a product can be placed on the market, further research on systemic risk is needed. Market research is necessary to fine-tune the details of the product to meet the actual demand of farmers. Further empirical validation of the modeled losses is needed. Legal implications are not explored in this paper. Practical implications The insurance product presented here demonstrates a concept that is established in the USA under EU conditions. It is motivated by several shortcomings of income risk mitigation approaches in the EU. Social implications Income risk may be seen as a problem of social policy. The approach shows that it can be addressed by market-oriented instruments. Originality/value To the authors’ knowledge, this paper is the first to propose a tool to handle basis risk for margin insurance products in agriculture in the EU. A special feature of the proposed approach is that it is not limited to a single product such as wheat.
Cytochalasin B (CB) applied to young developing cells of the desmid Euastrum oblongum Ralfs ex Ralfs, at concentrations that do not entirely inhibit cytoplasmic streaming, retarded cell growth and caused malformations of cell shape. While the basic symmetry of the cell was maintained, only the first indentations were formed and the cell body appeared to be swollen. Electron microscopic investigations revealed that vesicle production at the dictyosomes was disturbed by cytochalasin. In contrast to untreated control cells, where vesicles with electron‐dense contents (“dark vesicles”) were formed during primary wall formation, vesicles pinched off by the dictyosomes during CB treatment exhibited an “empty” appearance. These vesicles, which correspond to the “dark vesicles” in size, were accumulated around the dictyosomes without being transported to the plasma membrane and were frequently connected to the trans‐cisternae of the Golgi bodies. We speculate that CB may influence the transfer of products from the endoplasmic reticulum (ER) to the dictyosomes via transition vesicles, which results in a disturbed vesicle production at the Golgi bodies. CB also causes a shift in ER and dictyosome distribution. Moreover, a cortical actin system appears to be involved in the cell shaping of Euastrum. The arrangement of microtubules around the nucleus is not affected by the drug.
Due to its topography, Austria is exposed to many natural hazards. Inadequate spatial planning aggravates natural exposure to risks, 12% of all buildings are potentially exposed to flooding almost 9% are considered to be at an extreme risk. Reinforcing precautionary measures is a prerequisite for an efficient risk management system that will be ready to meet future challenges. In an efficient risk management system the Austrian government's relief payments after catastrophic events should be substituted by a broad (mostly obligatory) insurance against natural hazards. The strong involvement of government in the provisions of precautionary measures against natural disasters and its role during emergencies should be better coordinated with private measures.
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